Major automobile manufacturer in India Bajaj Auto Ltd. reported a lower stand-alone net profit for the fourth-quarter, despite increase in income. The company reported a one-time gain on pre-payment of sales tax deferral liability in the preceding year quarter.
Stand-alone Results
The Pune-based company's fourth-quarter stand-alone net profit fell by 45 percent to Rs.772 crore or Rs.26.70 per share from Rs.1,400.39 crore or Rs.48.40 per share in the fourth-quarter of 2011.
The results included a gain of Rs.20.27 crore towards valuation gains on derivative hedging instruments. The results for the preceding year quarter included a gain of Rs.826.82 crore due to sales tax deferral liability/loan and a charge of Rs.102.27 crore on account of provision for diminution in value of investment in PT Bajaj Auto, Indonesia.
Excluding gain/charges, the company's net profit for the quarter amounted to Rs.759 crore, up by 12 percent from the Rs.676 crore in the corresponding quarter of 2011.
For the quarter, its net income from operations was Rs.4,515.55 crore, up by 12 percent from the Rs.4,030.26 crore last year, while other operating income totaled Rs.135.89 crore, compared with Rs.114.53 crore in the year-ago quarter.
Gross income for the quarter was Rs.4,763.57 crore, compared with Rs.4,277.79 crore in the fourth-quarter of last fiscal, reflecting a 11 percent growth.
For the quarter, income from 'Automotive' segment totaled Rs.4,696.40 crore, compared with Rs.4,199.97 crore in Q4FY11, an increase of 12 percent, while that from 'Investments' fell by six percent to Rs.94.53 crore from the Rs.100.97 crore in the prior-year quarter.
Gross sales for the quarter crossed one million units at 1,017,167, up by seven percent from the 948,198 units sold last year.
For the fiscal year, the company's stand-alone net profit declined by ten percent to Rs.3,004.05 crore from the Rs.3,339.73 crore in 2011.
The results for the year included a charge of Rs.134 crore towards loss on derivative hedging instruments, while the results for the previous year included a gain of Rs.826.82 crore toward surplus on pre-payment of sales tax deferral liability/loan and a charge of Rs.102.27 crore on account of provision for diminution in value of investment in PT Bajaj Auto, Indonesia.
Excluding charges, the company's net profit for the year amounted to Rs.3,095 crore, up by 18 percent from the Rs.2,615 crore in 2011.
Net income for the year amounted to Rs.18,880.27 crore, higher by 19 percent than the Rs.15,896.82 crore last year, while other operating income totaled Rs.648.71 crore, compared with Rs.501.41 crore a year-ago.
Gross income for the fiscal amounted to Rs.19,827.03 crore, up by 18 percent from the Rs.16,830.23 crore a year ago.
Consolidated Results
On a consolidated basis, Bajaj Auto posted a fiscal year net profit of Rs.3,045.40 crore, compared with Rs.3,454.89 crore in 2011, reflecting a 12 percent drop.
Excluding charge/gain during the year and previous year, net profit was Rs.4,147.06 crore, compared with Rs.3,611.15 crore last year, registering a 15 percent growth.
Total income, including other operating income, increased by 19 percent to Rs.19,594.65 crore from the Rs.16,429.09 crore a year ago.
Gross income during the year amounted to Rs.19,892.28 crore, compared with Rs.16,860.81 crore, an increase of 18 percent.
Gross sales during the year rose by 14 percent to 4,349,560 units from 3,823,954 units last year.
The company said strong operating margins results in surplus cash and cash equivalents of Rs.5,451 crore as on March 31 this year, compared with Rs.4,239 crore as on March 31 last year.
The company said its Board had recommended a dividend of 450 percent or Rs.45.00 per equity share of Rs.10 each for the fiscal year 2012.
At the BSE, Bajaj Auto shares are currently trading at Rs.1,565.00, down Rs.51.50 or 3.19 percent on a volume of 295,000 shares.
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